AMB Refinances Term Loan

• By Zacks Equity Research
• On 11:30 am EDT, Monday October 19, 2009

AMB Property Corp. (NYSE: AMB - News), a leading real estate investment trust (REIT), recently refinanced a $325 million unsecured term loan facility scheduled to mature in September 2010, and replaced it with a $345 million loan facility maturing in October 2012.

 

The refinancing has enabled AMB to include Euro and Yen multi-currency options in the loan facility. Furthermore, under the terms of the refinancing deal, AMB has the option to increase the loan facility to $425 million at any given point of time prior to October 2011.

 

With the recent transaction, AMB has strengthened its financial position and displayed its continued ability to tap the debt markets under the current credit-constrained market. The deal had J. P. Morgan Securities Inc. and Sumitomo Mitsui Banking Corp. as the lead arrangers and book managers. Engaged in investment banking activities in the U.S., J.P. Morgan Securities is the primary non-bank subsidiary of the financial services giant JPMorgan Chase & Co. (NYSE: JPM - News).

 

Based in San Francisco, AMB is a leading global owner, operator and developer of industrial real estate in North America, Asia and Europe. By the end of the second quarter, AMB had 156.9 million square feet of operating and development facilities across the globe.

AMB PROPERTY CORP (AMB): Read the Full Research Report

JP MORGAN CHASE & CO (JPM): Read the Full Research Report

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